NYU Medical Center Changes Name to Honor Chairman of Board & Wife

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April 16, 2008 (12:00AM)

NYU Medical Center today announced it will be renamed the NYU Elaine A. and Kenneth G. Langone Medical Center, in honor of the chairman of its board of trustees and his wife, whose unrestricted $200 million gift is the largest in the Medical Center's history.

The announcement was made by Robert I. Grossman, M.D., dean and CEO of the Medical Center, who said the renaming was in tribute to the Langones' tireless efforts on behalf of the Medical Center, their generosity as champions of its mission, and their commitment to its future under its new leadership. The Langones' contribution has already inspired additional gifts to the Medical Center, totaling $50 million.

A leading philanthropist and a major figure in business and finance, Kenneth Langone is best known as co-founder of the world's largest home improvement retailer, Home Depot, a director of the New York Stock Exchange, and founder of the brokerage and investment banking firm Invemed. He has been a trustee of New York University since 1997 and chairman of the Medical Center's Board of Trustees since 1999.

"What makes the Langone gift so remarkable is not just the amount, but the spirit in which it is given," said Dr. Grossman, who became dean and CEO in July 2007, after serving as chairman of the Department of Radiology at NYU for the prior six years. "Rather than being tied to a particular program, this distinctive contribution is being given in a very open-ended way to enable us to realize our dreams of innovation and excellence. The Langones' generosity is both a powerful endorsement and a catalyst for our efforts to ensure that our Medical Center takes its rightful place as one of the very top institutions of its kind in the world."

"Elaine and I are designating the new NYU Langone Medical Center as our legacy to the city of New York because we believe in the quality and humanity of this Medical Center, one truly dedicated to relieving pain and suffering and giving people hope," Mr. Langone said. "This institution has a fantastic track record for the quality of its care and for having some of the greatest doctors in the world. I have met absolutely remarkable people at all levels. But today there is a disconnect between much of the physical plant and the caliber of the work it houses. That's why Elaine and I are choosing to make an unrestricted gift of this scale to help launch the vigorous aspirations of our inspired new leadership team."

"An Historic Act of Philanthropy"

"The Langones are people of legendary generosity, enthusiasm, and loyalty," said Martin Lipton, chairman of the New York University Board of Trustees. "This gift is not only an historic act of philanthropy from devoted members of the NYU family; it is a demonstration of their belief in an idea: that we can make one of New York's foremost health care institutions even greater," said Mr. Lipton. "We have been enormously privileged by the Langones' involvement with NYU for so many years, and it is only fitting to rename the Medical Center in their honor. On behalf of the entire NYU community, I wish to express our gratitude for their abiding faith in our University and our Medical Center."

"Ken Langone is justly renowned in business for a particular set of skills: the acumen to recognize those enterprises that are bound for success, and the courage to back them," said NYU President John Sexton. "And that is just the point here: the decision by Ken and Elaine to support NYU, and in particular the Medical Center, in such an extraordinarily generous fashion is a peerless validation of all that we are striving to do to ensure the University's place among the top institutions in the world in medicine and higher education," said Mr. Sexton. "This gift is a major step forward for NYU; for New York City, which depends so much on the efforts of our Medical Center; and for the field of medicine, where NYU's leadership matters so greatly. We are grateful to the Langones for their generosity, for their wisdom and guidance, and for their deep engagement with the NYU community."

Gift to Support Multi-Year Transformation

The Langone gift will support the Medical Center's plans for a major campus transformation, as envisioned by Dr. Grossman and his leadership team. This will include a series of initiatives to expand NYU's clinical, educational, and biomedical sciences presence on Manhattan's East Side. The centerpiece of the multi-year transformation will be a new hospital that is medically, aesthetically, and environmentally state-of-the-art. The multi-year undertaking incorporates long-term growth and revitalization strategies for all major components embraced by the new NYU Langone Medical Center - NYU School of Medicine, Tisch Hospital, Rusk Institute of Rehabilitation Medicine, NYU Hospital for Joint Diseases, NYU Cancer Institute, NYU Child Study Center, Smilow Research Center, Skirball Institute of Biomolecular Medicine, and Hassenfeld Children's Center for Cancer and Blood Disorders - as well as campus-wide infrastructure and all off-site facilities.

In addition to his involvement with the Medical Center, Mr. Langone is also vice chairman of the Board of Overseers of the Leonard N. Stern School of Business, where the evening program in which he earned his M.B.A. is now named in his honor. In 2004, New York University presented Mr. Langone with its highest honor, The Albert Gallatin Medal, in recognition of his business acumen, his unwavering commitment to the institution, and his philanthropic legacy.

Mr. Langone also guides some of the nation's premier medical, cultural, and charitable institutions as a director and a trustee, including the Damon Runyon Cancer Research Foundation, the Ronald McDonald House, and the Robin Hood Foundation.

Mrs. Langone, a philanthropist in her own right, is extremely active in the nonprofit community. She serves on the boards of the Boys' Club of New York, the Animal Medical Center, and Raymond Kravis Center for the Performing Arts (West Palm Beach, FL). She formerly served on the boards of Family Services, Franciscan Sisters of the Poor Foundation, and the Children's Advocacy Center of Manhattan. Mr. and Mrs. Langone are avid golfers and have traveled extensively throughout the world.

Langone Gift Attracts Others: Another $50 Million

The two gifts recently inspired by the Langones include a transformative $45 million being donated by philanthropists Fiona Druckenmiller and her husband, Stanley. Mrs. Druckenmiller, a former portfolio manager for the Dreyfuss Corp., has been a Trustee since 2006. The Druckenmillers' gift, like that of the Langones, is almost entirely unrestricted and will also help support the vision articulated by the new leadership team focused on growth and advancement.

Marjorie and Walter Buckley, Jr., of Bethlehem, PA, have been friends and business associates of the Langones for 35 years. The Buckleys were original investors in Home Depot, the company that Mr. Langone co-founded and built; Mrs. Buckley conceived the name of the fledgling business. Their gift of $5 million will create a scholarship fund in Mr. Langone's honor.